Parsons gets chairman's post

AOL Time Warner Inc.'s board voted to elevate Richard Parsons to the top slot ofchairman and CEO, centralizing all of the power -- and responsibility -- in hishands.

The move came by unanimous vote.

Parsons was president and CEO, and he replaces outgoing chairman Steve Case,who helped to create America Online Inc. but is now taking the fall for the company's financialslide and accounting scandals.

"After deliberating this week, the board unanimously agreed that Dick shouldbe named chairman. I am delighted by this decision and look forward to workingwith Dick to ensure a smooth transition," Case said in a prepared statementlate Thursday.

Parsons' appointment becomes effective May 16 at the company's shareholdermeeting, when Case's resignation also takes effect. Case will become anonmanagement director.

The company did not immediately say if a president will be named to fillParsons' old slot.

Broadcasting & Cable Newsletter

The television industry's top news stories, analysis and blogs of the day.

Thank you for signing up to Next TV. You will receive a verification email shortly.

There was a problem. Please refresh the page and try again.

No spam, we promise. You can unsubscribe at any time and we'll never share your details without your permission.